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GBP/USD drops to 4-1/2 month lows in early US session

FXStreet (Mumbai) - The offers on GBP/USD continues to flow-in, pushing the pair to 1.5158; its lowest since May 6th.

Hovers below June 1 low

The spot now trades few pips below 1.5170 (June 1 low). The latest decline goes unexplained as the there was no fresh fundamental trigger. The Sterling has been hammered throughout the week as markets pushed BOE rate hike bets further out in 2016 after last week’s dovish Federal Reserve event.

A weekly loss is more or less confirmed now, although bear grip may looses on account of profit taking ahead of the weekend. The US Q2 GDP report, due for release in a few minutes, could also influence the pair.

GBP/USD Technical Levels

The immediate support is seen directly at 1.51 levels, under which the pair may find support immediately around 1.5087 (61.8% of Apr-June rally). On the other side, resistance is seen at 1.5170 (June 1 low) and 1.52 levels.

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